VIVO Cannabis Announces Third Supplemental Debenture Indenture
Toronto, Ontario--(Newsfile Corp. - October 3, 2022) - VIVO Cannabis Inc. (TSX: VIVO) (OTCQX: VVCIF) ("VIVO" or the "Company") is pleased to announce that, further to the Company's news release of September 19, 2022, the Company has entered into a third supplemental debenture indenture dated September 29, 2022 (the "Supplemental Indenture") with TSX Trust Company ("TSXT") in respect of its outstanding unsecured convertible debentures in the aggregate principal amount of $5,546,808 (collectively, the "Debentures"). The Supplemental Indenture amends the debenture indenture dated February 28, 2018 between the Company and TSXT, as amended and supplemented by a first supplemental debenture dated April 24, 2020 and a second supplemental debenture indenture dated September 15, 2020.
The Supplemental Indenture provides for, among other things, (i) the extension of the maturity date from September 15, 2022 to September 15, 2024, (ii) an increase of the interest payable on the Debentures from 6.0% to 10.0%, and (iii) the prepayment of Debentures in the aggregate principal amount of $3 million, on a pro rata basis, in $500,000 installments (the "Prepayments"), with the first such payment to be made within three business days after the execution of the Supplemental Indenture and the balance to be made every 30 days after the date of the Supplemental Indenture (with the last such payment expected to occur on or about February 29, 2023).
ATB Capital Markets Inc. acted as financial advisor to VIVO on the amendments to the Debentures.
About VIVO Cannabis
VIVO Cannabis® is recognized for trusted, premium cannabis products and services. It holds production and sales licences from Health Canada and operates world-class indoor cultivation facilities. VIVO has a collection of premium brands, each targeting different customer segments, including Canna Farms™, Beacon Medical®, Fireside™, and Lumina™. Harvest Medicine™, VIVO's patient-centric network of medical cannabis clinics, has serviced over 200,000 patient visits. VIVO is pursuing focuses its international efforts on Germany and Australia. For more information visit: www.vivocannabis.com.
For further information:
VIVO Investor Relations
Michael Bumby, Chief Financial Officer
Disclaimer for Forward-Looking Information
All dollar amounts in this news release are in Canadian dollars. Certain statements in this news release are forward-looking statements, which are statements that are not purely historical, including statements regarding the beliefs, plans, expectations or intentions of VIVO and its management regarding the future. Forward-looking statements in this news release include statements regarding the payment and expected timing of the Prepayments. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the forward‐looking statements, including that the Company may not obtain the required regulatory and third party approvals necessary to implement the Amendments in the time expected or at all. No assurance can be given that any of the events anticipated by the forward‐looking statements will occur or, if they do occur, what benefits the Company will obtain from them. The forward‐looking statements in this news release are made as of the date hereof and the Company disclaims any intent or obligation to update publicly any such forward‐looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.
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